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Bank of Moscow eases payment minimums on retail loans

The Bank of Moscow introduced a new program to support its retail borrowers by lowering monthly minimum payments on loans, the bank said Monday.

Required payment levels will be reduced between 20 and 50 percent, depending on the borrowing entity's situation. This program is specifically geared toward clients that have successfully made payments on their loans, but are in need of reallocating financial resources.

The bank said participation in the program allows the borrowers to make more-affordable payments while eventually paying off their loans and improving their credit histories as well.

"The difficult economic situation has enforced credit institutions to respond quickly to any occurring events," Bank of Moscow board member Vladimir Verhoshinsky said. "Most of the measures had a negative nature — interest rates have risen, and credit conditions for retail customers have been tightened. We, at the Bank of Moscow, thought not only about how to work under new conditions, but also decided how to take care of our existing client-borrowers."